Solve the Problem

question 11

Multiple Choice

Solve the problem.
-A note is due in 4 years, with interest of 4% compounded semiannually. The face value of the note is $26,000. Find the maturity value of the note and find the minimum sale price of the note if money can be deposited at 8% compounded quarterly. Use the compound interest table.

• A)$30,463.14, $16,264.53
• B)$28,154.27, $20,508.86
• C)$30,463.16, $22,190.89
• D)$35,582.80, $22,190.76

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